New York State Common Retirement Fund Has $60.30 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

New York State Common Retirement Fund reduced its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 260,329 shares of the technology company's stock after selling 10,276 shares during the quarter. New York State Common Retirement Fund owned about 0.16% of Veeva Systems worth $60,300,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sowell Financial Services LLC acquired a new position in shares of Veeva Systems in the first quarter worth approximately $274,000. GAMMA Investing LLC lifted its stake in Veeva Systems by 13.8% in the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after buying an additional 221 shares during the period. Private Trust Co. NA lifted its stake in Veeva Systems by 35.0% in the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after buying an additional 64 shares during the period. Janney Montgomery Scott LLC acquired a new position in Veeva Systems in the first quarter valued at approximately $5,876,000. Finally, Amalgamated Bank lifted its stake in Veeva Systems by 5.0% in the first quarter. Amalgamated Bank now owns 10,949 shares of the technology company's stock valued at $2,536,000 after buying an additional 520 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the sale, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock valued at $394,217 in the last quarter. 10.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on VEEV shares. Barclays boosted their price target on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Wells Fargo & Company boosted their price target on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. UBS Group boosted their price target on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Piper Sandler boosted their price objective on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Finally, Truist Financial boosted their price objective on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and a consensus target price of $271.04.

Veeva Systems Trading Down 2.1%

VEEV stock opened at $275.82 on Monday. The stock's fifty day simple moving average is $266.10 and its two-hundred day simple moving average is $239.69. Veeva Systems Inc. has a 1-year low of $177.41 and a 1-year high of $291.69. The stock has a market cap of $45.07 billion, a P/E ratio of 58.44, a P/E/G ratio of 2.19 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. During the same quarter in the prior year, the firm earned $1.50 EPS. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.

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